Austin’s scorching real estate market poised for record-breaking year

Austin’s scorching real estate market poised for record-breaking year

A new report from Austin Board of Realtors details the scorching real estate climate in Austin this fall.
Photo courtesy of Luxury Homes From HomeAway

Austin is on track for another record-breaking year in real estate. A new monthly report released by the Austin Board of Realtors (ABoR) details the booming housing market in Austin and its consistent yet slowly increasing home sales.

“We’re on pace for another record year and while home sales typically slow each fall, housing demand has remained strong far past the typical peak selling season,” said Barb Cooper, 2015 president of ABoR, in a press release. “This demand stems from strong employment and our area’s high growth rate — factors that help create a stable housing market.”

In October 2015, Austin-area single-family home sales increased year-over-year for the fifth consecutive month. This increase is accredited to the city’s strong employment numbers and the high rate at which we’re growing.

Key findings in the ABoR report include a 2 percent increase from last October in single-family homes sold. The average number of days a home spent on the market was 50, down by one day from October 2014. The average price for single-family homes was $333,452 in October 2015, up 7 percent from October 2014.